Business Directories

Ex-Unicorn CEO denies bank's charges

Manama, September 28, 2011

The former chief executive of Bahrain's Unicorn Investment Bank denied allegations of financial crimes made by the lender, saying that Deloitte, appointed to investigate him, had not disclosed its "personal interest" in the probe.

Unicorn said on Tuesday that an investigation by Deloitte had found that Majid Al-Refai, who left the bank in August 2010, committed 58 criminal offences including misappropriating bank funds.

The investment bank said the Bahrain general prosecutor, who commissioned the Deloitte investigation, had referred the case to Bahrain's criminal court.

"I am disappointed that the supposedly independent third-party firm engaged by the BPP (Bahrain Public Prosecutor) has not disclosed its personal interest in these matters which gives rise to a conflict of interest," Al-Refai said in a statement on Wednesday.

"I have provided substantial and substantiated evidence, verified by international forensic investigators, which shows that there is no case to answer."

The former executive also said he had submitted "clear" evidence as part of his full co-operation with the review. "I am disappointed that this evidence was excluded from the findings of Deloitte," he said in the statement.

However, he did not say what the alleged conflict of interest was based on and gave no detail of the evidence he said he had submitted. He could not be reached for further comment.

Unicorn has also filed two civil cases against Al-Refai and two other former employees to retrieve allegedly misappropriated funds. The company has not provided details on how much money is involved.-Reuters